Rainee Corporation's revenue for the current year were as follows: Consolidated revenue per income statement P1,200,000 Intersegment sales 180,000 Intersegment transfers 60,000 Combined revenues of all operating segments P1,440,000 Rainee has a reportable segment if that operating segment's revenues is at least_

Rainee Corporation's revenue for the current year were as follows: Consolidated revenue per income statement P1,200,000 Intersegment sales 180,000 Intersegment transfers 60,000 Combined revenues of all operating segments P1,440,000 Rainee has a reportable segment if that operating segment's revenues is at least_

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Current Year Previous Year Sales $369,600 $280,000 Cost of goods sold 312,000 240,000 Gross profit $57,600 $40,000 Selling expenses $17,080 $14,000 Administrative expenses 15,600 12,000 Total operating expenses $32,680 $26,000 Income before income tax $24,920 $14,000 Income tax expenses 10,000 5,600 Net income $14,920 $8,400 a. Prepare a comparative income statement with horizontal analysis, indicating the increase (decrease) for the current year when compared with the previous year. If required, round to one decimal place. Winthrop Company Comparative Income Statement For the Years Ended December 31 Current Previous Increase Increase year year (Decrease) (Decrease) Amount Amount Amount Percent Sales $369,600 $280,000 $ % Cost of goods sold 312,000 240,000 % Gross profit $57,600 $40,000 %
Assume the following sales data for a company: Line Item Description Amount Current year $883,993 Preceding year 542,076 What is the percentage increase in sales from the preceding year to the current year? a. 63.08% b. 61.32% c. 163.08% d. 38.68%
Suresh Company reports the following segment (department) income results for the year. Department N Department 0 Department P $36,000 $ 57,000 $ 43,000 Sales Expenses Avoidable. Unavoidable Total expenses Income (loss) Department M $ 64,000 otal increase in income 10,300 52,200 62,500 $1,500 37,000 13,200 50,200 $ (14,200) $ 30,000 22,700 4,300 27,000 $ 30,000 14,500 30,000 44,500 $ (1,500) Department T $ 29,000 38,700 10,500 49,200 $ (20,200) Total $ 229,000 123,200 110,200 Compute the total increase in income if the departments with sales less than avoidable costs, as identified in part a, are eliminated 233,400 $ (4,400)
Common-Sized Income Statement Revenue and expense data for the current calendar year for Tannenhill Company and for the electronics industry are as follows. Tannenhill's data are expressed in dollars. The electronics industry averages are expressed in percentages. Electronics Tannenhill Industry Company Average Sales $820,000 100 % Cost of goods sold 524,800 70 Gross profit $295,200 30 % Selling expenses $180,400 17 % Administrative expenses 65,600 7 Total operating expenses $246,000 24 % Operating income $49,200 6 % Other revenue 16,400 2 $65,600 8 % Other expense 8,200 1 Income before income tax $57,400 7 % Income tax expense 24,600 4 Net income $32,800 3 %
Horizontal analysis of the income statement Income statement data for Winthrop Company for two recent years ended December 31 are as follows: Current Year Previous Year Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax expense Income tax expense Net income $2,240,000 (1,925,000) $315,000 $(152,500) (118,000) $(270,500) $44,500 (17,800) $26,700 $2,000,000 (1,750,000) $250,000 $(125,000) (100,000) $(225,000) $25,000 (10,000) $15,000
Common-Size Income StatementsConsider the following income statement data from the Ross Company: Current Year Previous Year Sales revenue $529,000 $454,000 Cost of goods sold 336,000 279,000 Selling expenses 109,000 103,000 Administrative expenses 64,000 58,000 Income tax expense 7,800 5,400 Prepare common-size income statements for each year. Note: Round answers to one decimal place (ex: 0.2345 = 23.5%). Note: Compute percentages for each "Total" (do not add prior percentage amounts to arrive at Totals). ROSS COMPANYCommon-Size Income Statements(Percent of Sales Revenue) Current Year Previous Year Sales Revenue Answer Answer Cost of Goods Sold Answer Answer Answer Answer Answer Answer Selling Expenses Answer Answer Administrative Expenses Answer Answer Total Answer Answer Income before Income Taxes Answer Answer Answer Answer Answer Answer Answer Answer PreviousSave AnswersNext
Horizontal Analysis of the Income Statement Income statement data for Winthrop Company for two recent years ended December 31, are as follows: Sales Cost of goods sold Gross profit Selling expenses Administrative expenses Total operating expenses Income before income tax Income tax expenses Net income Current Year $381,300 312,000 $69,300 $19,210 18,150 $37,360 $31,940 12,800 $19,140 Previous Year $310,000 260,000 $50,000 $17,000 15,000 $32,000 $18,000 7,200 $10,800
Revenue and expense data for Bluestem Company are as follows: Administrative expenses Cost of merchandise sold Income tax expense Sales Selling expenses Total operating expenses Year 2 $37,000 350,000 40,000 800,000 150,000 a. Prepare a comparative income statement, with vertical analysis, stating each item for both years as a percent of sales. Round percentages to one decimal place. Bluestem Company $ Comparative Income Statement For Years Ended December 31, Year 2 and Year 1 Year 2 Percent Year 1 $20,000 320,000 32,000 700,000 110,000 Year 2 Amount The most significant increase in expenses is resulting in the overall % % % % % % % 1% % $ Year 1 Amount Year 1 Percent % % % % % % 1% % % b. Complete the following regarding significant changes disclosed by the comparative income statement. which offsets the decrease in of net income. G
The balance sheet of ATLF, Inc. reports total assets of $950,000 and $1,050,000 at the beginning and end of the year, respectively. Net income and sales for the year are $100,000 and $800,000, respectively. What is ATLF's profit margin? Select one: a. 8% b. 15% c. 10% d. 80% e. 12.5%
Revenue and expense data for Innovation Quarter Inc. for two recent years are as follows: Current Year Previous Year Sales $ 2,720,000 $2,050,000 Cost of goods sold 1,675,520 1,111,100 Selling expenses 320,960 319,800 Administrative expenses 424,320 262,400 Income tax expense 152,320 118,900 A. Prepare an income statement in comparative form, stating each item for both years as a percent of sales. Round your percentages answers to one decimal place. Enter all amounts as positive numbers. B. Comment on the significant changes disclosed by the comparative income statement.
Waller Company does business in two regional segments: North and South. The following annual revenue information was determined from the accounting system's invoice data: Current Year Prior Year Segment North South $ 80,000 260,000 $100,000 200,000 Total revenues $340,000 $300,000 Using horizontal analysis, determine the percentage change in revenues for the North region. Round to one decimal place. Oa. (20.0)% Ob. (22.4)% Oc. 22.4% Od. 20.0%
Horizontal Analysis of Income StatementFor 20Y2, Macklin Inc. reported a significant increase in net income. At the end of the year, John Mayer, the president, is presented with the following condensedcomparative income statement:Macklin Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2 and 20Y120Y2 20Y1Sales $910,000 $700,000Cost of goods sold 441,000 350,000Gross profit $469,000 $350,000Selling expenses $139,150 $115,000Administrative expenses 99,450 85,000Total operating expenses $238,600 $200,000Income from operations $230,400 $150,000Other income 65,000 50,000Income before income tax $295,400 $200,000Income tax expense 65,000 50,000Net income $230,400 $150,000Required:1. Prepare a comparative income statement with horizontal analysis for the two-year period, using 20Y1 as the base year. Round to one decimal place. Use theminus sign to indicate a decrease in the "Difference" columns.Macklin Inc.Comparative Income StatementFor the Years Ended December 31, 20Y2…

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

GET THE APP

About FAQ Academic Integrity Sitemap Document Sitemap

Contact Bartleby Contact Research (Essays)High School Textbooks Literature Guides Concept Explainers by Subject Essay Help Mobile App

GET THE APP

Privacy

Your CA Privacy Rights

Your NV Privacy Rights

About Ads

Manage My Data

bartleby, a Learneo, Inc. business

Consolidated revenue per income statement	P1,200,000
Intersegment sales	180,000
Intersegment transfers	60,000
Combined revenues of all operating segments	P1,440,000